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AfDB Pledges US$5.9m To Support 15 SOEs
By Joseph Toe
MONROVIA, April 10 (LINA) -The African Development Bank (AfDB) has pledged to provide US$5.9 million to support strengthening transparency and accountability in public financial management programs within 15 state-owned enterprises (SOEs), a Ministry of Finance and Development Planning report has said.
The 2016 annual report released recently indicated that the money will be for the next Public Financial Management (PFM) strategy meeting this year to “particularly enhance” revenue mobilization and capacity building in the natural resource sector.
According to the report, sub-components and programs to be supported under this funding include the Liberia Revenue Authority Natural Resource Tax Unit; Liberia Extractive Industries Transparency Initiative; Governance Commission; Financial Intelligence Unit; African Peer Review Mechanism Coordination Unit and the PFM Reform Coordination Unit.
Others are the General Auditing Commission; Public Accounts Committee; Liberia Anti-Corruption Commission; Liberia Institute of Public Administration; Department of Budget (Public Sector Investment Planning); IFMIS; e-Procurement; County Treasury; Treasury Single Account and the Non-State Actors (NSA) Secretariat, the report added.
According to the report, an AfDB mission visited Monrovia in September 2016 to appraise Liberia’s Integrated Public Financial Management Reform Project (IPFMRP) II, and to provide additional institutional support for strengthening revenue mobilization and administration.
The report said in October 2016, the International Monetary Fund dispatched a Public Investment Management Assessment mission to review Liberia’s public sector investment program.
The report added that another IMF mission visited Liberia in November to review progress in the implementation of PFM reforms, specifically in cash and treasury management and the oversight of State-Owned Enterprises (SOEs).
“The mission met with key stakeholders, and thereafter issued a memoir with recommendations geared towards improving public investment,” the report said.